Funding Round attributes
CoLab Software, a cloud-based engineering design review platform headquartered in St. John's, Newfoundland and Labrador, has secured CAD $5.6 million in funding from the Hibernia and Hebron Projects. This investment aims to enhance local artificial intelligence (AI) talent and accelerate the development of CoLab's new product, ReviewAI.
The funding will support approximately 60,000 hours of additional local software development focused on expediting the creation of ReviewAI. This suite of applied AI and machine learning (ML) applications is designed to accelerate product development and improve quality. Additionally, the investment includes software subscriptions for the Hibernia and Hebron Projects.
Since finalizing the contribution, CoLab has expanded its team by hiring 17 new full-time employees at its headquarters in St. John's. In August 2024, during CoLab's Design Engagement Summit, the company presented the first public demonstration of ReviewAI. Following this, CoLab secured a partnership with a Fortune 50 company and has over 60 leadership teams from Fortune 1000 companies evaluating ReviewAI.
Nicholas Maccallum, Research & Development Manager with ExxonMobil Canada and seconded to Hibernia Management and Development Company Ltd. (HMDC), commented on the project:
AI Insider
Hebron (operated by ExxonMobil Canada Properties) and Hibernia (operated by Hibernia Management and Development Company Ltd.) see this project as building foundational capabilities in artificial intelligence and software development in Newfoundland and Labrador. It is advancing the global reach of a local software company to provide a competitive market solution for collaborative design workflows.
